Coro Energy PLC, a South East Asian energy company, has finalized the working capital adjustment from the sale of its Italian natural gas portfolio. The settlement includes a cash payment of Euro 1,000,000, with Euro 200,000 to be paid within five business days and the remaining Euro 800,000 in 22 monthly installments. Additionally, the company will receive the balance of the upfront consideration, Euro 136,000, in 23 monthly installments. Furthermore, the company retains a 10% NPI on future profits capped at Euro 1.5 million from the sale.
In line with the company's current stage of development and focus following the Italy divestment, the Board of Directors has been restructured. Stephen Birrell and Naheed Menon, both Non-Executive Directors, have stepped down by mutual consent. Mr. Birrell has taken on a full-time executive role, while Ms. Menon will continue to support the company's business development efforts as a consultant. The Board now consists of James Parsons, Executive Chairman, Tom Richardson, Non-Executive Director, and Marco Fumagalli, Non-Executive Director.
The company's executive and in-country teams will support the Board. For further information, contact details for the company's advisors are provided.